Maersk Oil expands exploration in Iraq

Maersk Oil has acquired 40 percent of two exploration blocks in the north of Iraq, Kurdistan. Seller's oil company Repsol to keep 40 percent while the remaining 20 percent is owned by the Kurdish regional government.

"To be present and active in one of the most promising exploration areas is a fundamental part of Maersk Oil's strategy. Working for a daily production of 400,000 barrels per day in 2020., We expect that our commitment to Kurdistan will help that we can sustain this production target after 2020, "says Jakob Thomasen, CEO of Maersk Oil.

The two blocks, Piramagrun and Qala DZE, are located 150 kilometers east of the Kurdish regional capital of Erbil.

Maersk Oil acquired its first oil license in Kurdistan, Sarsang, in 2011.